BoI Pledges More Funding Support For MSMEs With COVID-19 Recovery Stimulus

In a decisive commitment to empower Micro, Small, and Medium Enterprises (MSMEs), the Bank of Industry (BoI) has vowed to enhance its support through the Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) program. 

Executive director of the micro enterprises department at BoI,

Mabel Ndagi, made this announcement during the NG-CARES Stakeholders Engagement Workshop for States and Partners.

The NG-CARES initiative, initiated three years ago, is designed to amplify access to livelihood support, reinforce food security services, and extend grants to impoverished households and firms. Currently, 28 states have formed partnerships with BoI to implement this impactful initiative.

Speaking at the workshop attended by representatives from participating states, Ndagi expressed satisfaction with the program’s achievements. She emphasised the workshop’s role in strengthening the relationship between BoI and partner states, underscoring the Bank’s commitment to providing technical support through advanced technology.

“This partnership has been fruitful because it has delivered tangible benefits to Micro-Small and Medium Enterprises under this program,” Ndagi asserted. 

She detailed BoI’s commitment to providing operational and technical support throughout the program, leveraging their custom-built technology for real-time tracking from beneficiary registration to fund disbursement.

Representing BoI managing director, Dr. Olasupo Olusi, Executive Director Omar Shekarau highlighted the substantial impact of the NG-CARES initiative, benefitting over 41,000 beneficiaries. 

He said as the program advances to its second phase, BoI remains devoted to offering the best to critical partners and ensuring the positive impact on Nigerians through intervention programs.

“We believe in the growth of MSME, reduce poverty, and boost economic growth in the country,” stated Olusi, urging stakeholders to utilise BoI’s nationwide offices for continued collaboration. He emphasised the plan to be present in all states of the federation by the end of the second quarter of 2024.

Chairman of the Federal CARES Technical Committee, Aso Vakporaye, praised the NG-CARES program for significantly reducing poverty in the country. Stressing the importance of ending poverty to curb rising insecurity, Vakporaye expressed confidence that other African countries would soon emulate Nigeria’s success.

“We have done about four years now, and we have done well. Soon, other African countries will start emulating us. With what BOI has put in place through this programme, the level of poverty will reduce drastically in the next five years,” Vakporaye concluded.